With tax season upon us, many students may be finding themselves filing their returns for the first time without their parents’ help.
“Last year I did my own taxes, but afterwards my parents told me that I had forgotten to submit my T2202 forms,” said University of Guelph psychology student Sara Lehner. “This caused a lot of confusion and this year I’m definitely going to make sure I submit it.”
The stress can be particularly weighty at this time of the year for new tax filers, especially when combined with the pressure of finishing a first post-secondary school year and all that entails.
Many of these students might be novices at filing tax returns and might not know exactly what they’re doing. This isn’t uncommon and is often the case for most people at some point in their lives.
Tax season is stressful for everyone and the idea of being audited can be a scary thought for anyone — even more so for a young student with no experience in these matters.
It’s important to remember all the documents needed to file for any taxpayer. Whether they have a part-time job on the side throughout the year or have a full-time gig during the summer holidays, students who pay their own tuition will always have at least one document to submit come tax time.
This document is called the T2202A and it can often be forgotten or overlooked by students. The T2202A is otherwise known as an enrolment certificate. It declares that the student has, in fact, enrolled in college or university and has paid the tuition costs.
“A lot of students fail to submit their T2202A form and it’s a shame,” said Cambridge, Ont., accountant Mike Case said. “The schools don’t do a great job of making sure their students are aware of this.”
This is a good thing for students because it allows them to claim those costs and potentially get some money back as a tax refund.
Other documents students may have to file with their returns may be related to OSAP funding or money earned at job(s) while at school. All of these forms are important and could be a difference maker between whether a refund or amount owing is due.
At Conestoga College, students should visit their student portal for their income tax information.